The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has urged Nigerians to put an end to the abuse of the naira, stressing that practices such as spraying and stamping on the currency are criminal offences, not cultural expressions.
Speaking on Friday in Lagos at a stakeholders’ sensitisation programme, Olukoyede described the naira as “a symbol of our sovereignty” and expressed concern over its frequent abuse, especially at social functions.
“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said. “There is nothing cultural about destroying our national currency.”
The EFCC boss maintained that defacing or abusing the naira is punishable under Nigerian law and warned that the commission is now intensifying efforts to crack down on offenders. He revealed that a dedicated task force on dollarisation and naira abuse has been set up in collaboration with the Central Bank of Nigeria.
Addressing those who believe the EFCC should focus only on high-profile economic crimes, Olukoyede said the law must be upheld in all areas. “An offence is an offence. Ignorance of the law is never an excuse. Some celebrities who are already facing prosecution can attest to the weight of the law,” he stated.
He added that the commission has shifted its approach to combine enforcement with economic recovery and institutional support. “Unlike in the past, companies under investigation are no longer summarily shut down. Our protocols now protect jobs and investments,” he explained.
According to him, over ₦100 billion in recovered proceeds of crime have been directed towards key social intervention programmes under the Tinubu administration. These include the Nigerian Education Loan Fund and the CrediCorp consumer credit scheme.
“These are not just headlines; they are real interventions funded by money recovered from corrupt individuals and organisations,” he said. He further cited the recovery of funds from the Niger Delta Development Commission (NDDC), which enabled the establishment of a skill acquisition centre and liaison office in Bayelsa State. Similarly, a property seized from a former civil servant in Kaduna now houses the newly created Federal University of Applied Sciences in Kachia.
Olukoyede also disclosed that the EFCC is working with international partners to recover and return stolen assets. “We have refunded victims of fraud in the United States, Spain, and Canada,” he said.
On enforcement, he noted that the agency recently arrested 792 suspects—many linked to international criminal rings—in sting operations across Lagos and Abuja. Of those apprehended, over 150 individuals, mostly Chinese nationals, have already been prosecuted.
He confirmed that several politically exposed persons are also facing justice. “Four former governors and three ex-ministers are currently standing trial for corruption-related offences,” he revealed.
As part of its prevention strategy, the EFCC has established a Department of Fraud Risk Assessment and Control, aimed at reducing financial crimes before they happen.
Olukoyede added that the commission is expanding its public engagement efforts. “Through EFCC Radio 97.3 FM, as well as sensitisation programmes on television and X Spaces, we are reaching more Nigerians,” he said.
Urging national support for the anti-corruption drive, he concluded: “We all must lend our voices to this national campaign to restore the integrity of the naira. This fight is not for EFCC alone; it is a collective duty.”
